Pakistan and China to start trading in yuan now, instead of dollars

Pakistan and China will start trading in yuan now, instead of dollars. Yuan is the currency of China.

“The trade between Pakistan and China has been valued at $15 billion,” said Information minister Fawad Chaudhry on Monday. The two countries are working on improving their economic cooperation, he remarked.

“China has stood by us at all times,” he said. “We built a corridor together, and now we are opening its doors for agriculture and new industrial zones.”

The currency swap arrangement between the State Bank and People’s Bank of China has been extended by three years.

Chaudhry said that Pakistan is looking forward to working with China in space programmes. He remarked that first Pakistani astronaut will go to space in 2022, adding that SUPARCO will start taking applications for it from next month onwards.